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War Loan

Volume 648: debated on Wednesday 8 November 1961

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asked the Chancellor of the Exchequer whether he has considered the possibility of holding periodically draws, annually, bi-annually or quarterly, in which all holders of 3½ per cent. War Stock, 1952 or after, would participate, the amount of stock so drawn and repaid to amount to one per cent. annually of the total outstanding.

Yes; but only to reject it. I am advised that, as War Loan was not issued in numbered units of a fixed amount but was issued, and has been bought and sold ever since, in any amounts that suited the requirements of those concerned, even down to the odd shillings and pence, repayment by drawings is not a practical possibility.